i changed my mind on this trade. i covered my short at 1.1782 for a small loss. what i thought was good timing for the trade turned out to be too early. i agree that there is still downside bias to this pair and hopefully when i wake up in the morning there will still be an opportunity to jump in. for now i'm flat.
Covered short at 1.1730 (limit) What a turn around on US housing numbers! Might do an anticipation play on FOMC meeting transcripts. Not sure of what direction. I will need to look at econ data for the past few months.
hahaha...yeh, don't i know it. but still, looking back on the overnight action i really don't belive that i would've been able to sleep at night if i held onto it. the good news is that at least i know my analysis is on point...the bad news is that sometimes i don't trust it...hahaha.
usdcad off its highs around 150 pip ... going long and looking for 1 standard FIB retracement Long USDCAD avg 1.1640 target 1.1690s - low 1.1700s tight stops at 1.1620s I am looking for some solid consolidation on the 5 minute charts ... If this doesn't happen then I know for sure it will leg down again. Was the Canadian CPI that strong? At 0.5% it suggests 6% inflation over one year. Is that possible for Canada right now?
to be more specific, if their is a sharp intra day move in crude (such as on a stockpile number that is out of whack) will their be a move in cdn/usd because Canada is such a large oil exporter?